PT BSI – Mineral Resource Estimation

Mr Robert Spiers
BSc Hons (Double Major Geology / Geophysics)
MAIG (CP)
21 Birdrock Avenue
Mount Martha, 3934
VIC, Australia
Email: rhuonspiers@gmail.com.au

EXPLANATORY NOTES: ANNUAL MINERAL RESOURCE STATEMENT

In line with recent work undertaken by Pt. Bumi Suksesindo (BSI) over the Tujuh Bukit Oxide Project and
as a matter of completeness in conjunction with plans for a prefeasibility study that includes sinking a
shaft, or a decline, for the purpose of developing underground drives from which additional resource
definition drilling will take place during 2017, BSI has elected to re-present its Mineral Resource
nd
Estimates for the Tujuh Bukit Porphyry Project which were undertaken on behalf of IMN on the 22 of
November, 2012 by Mr Spiers who was a full time employee of H&S Consultants Pty Ltd at the time the
estimates were completed. Mr Spiers is no longer a full time employee of H&S Consultant and is now a
director and full time employee of SGC Pty Ltd.
During November 2012, the Porphyry estimates were released on SEDAR by IMN, the results are re-
presented here in Table 1. No further updates of the porphyry resource have been completed since the
2012 investigation by H&SC.

Table 1. Tujuh Bukit Porphyry Project- Mineral Resource Estimates – November 22nd 2012 – NI43-101
Zone Tonnes Grade Contained Metal
2,000ppm Cu Category (Mt) Au Ag Cu Mo As Cu Au Ag
cut-off (g/t) (g/t) (ppm) (ppm) (ppm) (Blbs) (Moz) (Moz)
Po r p h yr y In f er r ed 1,900 0.45 N/A 4,500 90 250 19 28.1 N/A
Note:
Figure may not sum due to rounding
Significant figures do not imply an added level of precision
The above update estimates have taken into account updated long term metal price, foreign exchange
and cost assumptions, and mining and metallurgy performance to inform cut-off grades and physical
mining parameters used in the estimates.
nd
As at 22 of November 2012, the Tujuh Bukit Porphyry Project Mineral Resources were estimated to
contain 19Blbs of copper and 28.1 million ounces of gold at a 2000ppm Copper cut-off grade for Copper.

COMPETENT PERSONS STATEMENT

Mr Robert Spiers is a full time Principle Geologist employed by Spiers Geological Consultants (SGC), 21
Birdrock Avenue, Mount Martha, Victoria, Australia. Mr Spiers is contracted on a consulting basis by PT
Bumi Suksesindo.
Mr Spiers graduated with a Bachelor of Science (BSc) Honours and a double Major of Geology and
Geophysics from Latrobe University, Melbourne, Victoria, Australia and has been a member of the
Australian Institute of Geoscientists for 23 years; working as a Geologist for in-excess of 26 years since
graduating.
 PT BSI – Mineral Resource Estimation

Mr Spiers has sufficient experience that is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaking to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves’. Mr Spiers consents to the inclusion in the report to which this statement is to be attached
of the matters based on his information in the form and context in which it appears.
The information in the report to which this statement is to be attached that relates to Mineral Resources
is based on information compiled by Mr Robert Spiers, a Competent Person who is a Member of the
Australian Institute of Geoscientists or a ‘Recognised Professional Organisation’ (RPO) included in a list
posted on the ASX website from time to time.
Mr Spiers consents to the disclosure of this information on the page/s in the form and context in which it
appears.
To the best Mr Spiers knowledge, neither SGC, himself and / or other related parties have any conflict of
interest with by PT Bumi Suksesindo in accordance with the transparency principle set out by the JORC
code and supported by ASX rulings.
Mr Spiers has read the definition of “competent person” set out in the JORC code and guidelines for the
reporting of Mineral Resource Estimates and certify that by reason of his education, affiliation with a
professional association (MAIG) and past relevant work experience, that he fulfils the requirements of a
“Competent Person” for the purposes of JORC 2012.
As of the date of this document, to the best of Mr Spiers knowledge, information and belief, the Technical
Report to which this statement is to be attached (in relation to the Reporting of the Tujuh Bukit Project
Mineral Resource Estimation 2016 / 2017) contains all the scientific and technical information that is
required to be disclosed to make the Technical Report not misleading with respect to the sections for
which Mr Spiers is responsible.

Dated the 2nd day of February 2017

__________________________
Robert Spiers, BSc Hons, MAIG

JORC Code, 2012 Edition - Assessment Table 1

The following information is provided to ensure compliance with the JORC (2012) requirements for the
reporting of the Mineral Resource estimate for the Tujuh Bukit Oxide Project.

Section 1: Sampling Techniques and Data

Criteria Commentary
Sampling techniques  Drill samples were collected from Tujuh Bukit: in total 1,010 holes,
amounting to 166,213m of diamond and RC drilling (oxide &
porphyry projects).
 Drill samples for the porphyry project were collected from 70 holes
amounting to 61,470m (avg. depth 878m, max. depth 1,229).
 Half core samples (BQ, HQ, NQ and BQ) have been collected for
assay.
 SGC observed the sampling procedure during site visits and found no
mitigating circumstances beyond the established procedures as noted
in the MRE report dated January 2017.

Criteria Commentary
Drilling techniques
Drill sample recovery
Logging
Sub-sampling
techniques and sample
preparation
Quality of assay data
and laboratory tests
Verification of sampling
and assaying
Location of data points
PT BSI – Mineral Resource Estimation
 The drilling technique was by diamond drilling using wire line triple
tube.
 Diamond drill core samples were oriented & marked up using ORI
tool marks generated during the drilling process.
 Diamond core recoveries have been recorded; to date 65204
records have been collected for which the average recovery is
99.15%.
 Triple tubing was utilised and runs were kept to less than or equal
to 3 m and penetration rate kept in-line with the prevailing
geological units to preserve sample recovery
 No sample biases were observed during the investigation of the
drilling results by SGC.
 Core logging was acceptable. However minor inconsistencies in
lithological coding were observed and rectified.
 Entire core is logged for the full length of the drill hole.
 Diamond core logging records lithology, RQD, colour, weathering,
alteration, mineralogy, mineralisation and structural
measurements where possible.
 Core trays are all routinely photographed.
 Core is half cut on site using a manual core saw and sampled from
the same side
 Laboratory is compliant to industry accreditation (NATA).
 Internal QAQC procedures and standards were observed and
adhered to.
 Laboratory replicates are taken on a 1:15 ratio for diamond
drilling, the results of which show good correlation with original
samples.
 Field duplicate of core are taken on a regular basis of
approximately 1 in 50 samples
 One in 20 samples underwent screen fire assay testing.
 The quality of assay data is within industry standards.
 Internal quality analysis of test results is within acceptable
tolerance.
 Standard laboratory procedures involve the use of certified standards,
duplicate samples and insertion of blanks. QAQC results suggest
sample assays are accurate.
 Duplicate samples were routinely assayed and compared.
 Significant intersections have been verified by the senior geologists
of Pt. Bumi Suksesindo (PT BSI).
 No adjustments or calibrations were made to any assay data used in
the resource estimate.
 Drill hole collar locations have been surveyed by a local contractor.
 Down-hole surveys consisted of readings from a REFLEX-EZ-
 PT BSI – Mineral Resource Estimation

Criteria Commentary
ShotTM unit, at in general, at 15m and then every 50m intervals
during drilling by the drilling contractor
 The grid system used is WGS84, zone 50
 Topographic control was created from surveyed drill-hole collar
locations, spot heights and combination of LIDAR survey
Data spacing and  Porphyry drill holes are located on section lines spaced 160m apart
distribution orientated at 0500 to 2300
 Porphyry drill holes were sited to maximise the number of drill
holes that could be drilled from each pad. Porphyry intersections
approximate a 200m x 200m grid at depth.
 Drilling is sufficient to define the geological and mineralisation
continuity for resource modelling.
 Samples have been composited to 2 m for modelling and domaining
purposes in line with statistical analysis.
Orientation of data in  Porphyry drill holes were predominantly drilled at UTM azimuth
relation to geological 0500 or 2300 perpendicular to the main regional structural trend
structure and overprinting mineralised structures.
 Intersection angles of drilling to mineralised trends at depth are at
moderate-high angels to overprinting high-sulphidation
mineralisation.
 Consistent sampling bias is not considered to be an issue for the
purpose of resource estimation.
Sample security  Sample chain of custody was maintained for this project.
 From collection of samples at the drill rig to delivery at the
laboratory in Jakarta, samples were always in the custody of
project employees or nominated trustees.
 All laboratory pulps have been retained for future checks and are
housed in a secure storage facility.
 Laboratory coarse rejects from approx. mid project have been
retained for future checks and are housed in a secure storage
facility.
Audits or reviews  To the best of SGC knowledge, no other formal and public audits or
reviews have been undertaken to date regarding the resource
estimation.

Section 2: Reporting of Exploration Results

Criteria Commentary
Mineral tenement and  Details supplied to SGC pertaining to the land tenure and history of
land tenure status ownership are detailed in the report reference nominate in the
adjacent column.
 All aspects relating to security of tenure is beyond the scope of SGC’s
expertise and is the responsibility of PT BSI and nominated parties.
 PT BSI – Mineral Resource Estimation

Criteria Commentary
Exploration done by  Details supplied to SGC pertaining to the exploration history are
other parties detailed in the report reference nominate in the adjacent column.
Geology  Porphyry-style mineralisation at Tujuh Bukit comprises a gold-rich
porphyry copper-gold-molybdenum system at depth.
 The upper levels of the porphyry represents an elliptical donut
shaped area of high-grade Cu-Au-Mo mineralisation that sits within
the carapace of Tujuh Bukit porphyry deposit where mineralisation
is hosted within structurally controlled porphyry apophyses and
breccias, which as the system has evolved have been enhanced and
overprinted by telescoped high-sulphidation epithermal copper-
gold-silver mineralisation.
 The high-sulfidation mineralisation has been strongly oxidized near-
surface.
Drill hole Information  There are no exploration results reported for the immediate Tujuh
Bukit Project area that have not been reported previously.
Data aggregation  There are no exploration results reported for the immediate Tujuh
methods Bukit Project area that have not been reported previously
Relationship between  There are no exploration results reported for the immediate Tujuh
mineralisation widths Bukit Project area that have not been reported previously.
and intercept lengths
Diagrams  There are no exploration results reported for the immediate Tujuh
Bukit Project area that have not been reported previously.
Balanced reporting  There are no exploration results reported for the immediate Tujuh
Bukit Project area that have not been reported previously.
Other substantive  There are no exploration results reported for the immediate Tujuh
exploration data Bukit Project area that have not been reported previously.
Further work  There are no exploration results reported for the immediate Tujuh
Bukit Project area that have not been reported previously.

Section 3: Estimation and Reporting of Mineral Resources

Criteria Commentary
Database integrity  Primary geological data was collected by PT BSI on paper logging
sheets then entered on laptop computers in Excel or Micromine
tables using drop down codes
 Field data and original assay certificates compiled and validated by
database administrators
 Drilling data provided in Micromine tables for collar, survey,
lithology and assay data
 Micromine software validation procedures checks for missing
intervals and drill holes
 Checking inclinations, azimuths, deviations and sample intervals within
a given tolerance.
 PT BSI – Mineral Resource Estimation

Site visits  Site visits were conducted by SGC staff during the period June 12th
2013 through to September 2016. A total in excess of 45 days have
been spent of site by SGC personnel
Geological  Geological Interpretation has a moderate degree of confidence
interpretation  Interpretation based on PT BSI diamond drilling validated
geological logging and assays
 The construction of the mineralisation model incorporated a number
of inputs including but not limited to structure, oxidation, alteration
and geology.
 SGC do not believe that the effect of alternative interpretations will
have a material impact on the overall Mineral Resource Estimates.
 The geological interpretation is considered robust & alternative
interpretations are considered not to have a material effect on the
Mineral Resource. No alternate interpretations are proposed as
geological confidence in the model is moderate to high at this stage of
project development. As additional geological data is collected from
additional drilling, the geological interpretation will be continually
updated.
 The factors affecting continuity both of grade and geology are most
likely to be associated with structural controls and local complexity, the
knowledge of which is limited with the current spacing of information.
The broad approach to the mineralisation modelling is an attempt to
model an unbiased interpretation.
Dimensions  Presently the report tables the porphyry project details and as such
any reference to the dimensions of the in-situ mineralised trends will
reference the porphyry project.
 Semi-continuously the mineralisation stretches from NW to SE over
2.09 km and represents multiple mineralised zones which together span
a width of up to and including 1.08 km width.
Estimation and  Ordinary Kriging technique was employed using GS3 software
modelling techniques based on low coefficient of variation between samples in the
mineralised domain
 Grade interpolation and search ellipses were based on variography
and geometry modelling outcomes
 Modelling was conducted in three passes with block sizes being 40
m E by 40 m N by 10 m RL
 In the first pass data and octant criteria used were, Minimum
Data=12, maximum Data=32, Minimum Octants=4. Search radii
was 70mE by 90mN by 55mRL
 An expansion factor of 1 was applied so in the second pass saw the
same data and octants criteria with an expanded search to 140mE by
180mN by 110mRL.
 The third pass saw Minimum Data=6, maximum Data=32,
Minimum Octants=2. Search radii was 140mE by 180mN by
110mRL
 Top cutting was applied to domains and elements which displayed a
 PT BSI – Mineral Resource Estimation

very strongly skewed nature as summarise in the earlier report by

H&SC Consultants, November 2012 “Resource Estimation of Tujuh
Bukit Project, Southern Java, Indonesia”.
 Secondary attributes including but not limited to hardness,
weathering, oxidation, colour, Alteration type and intensity, silica %,
Clay%, pyrite% and ARD together with density were also modelled
on three passes (as above) which included the same data and octant
criteria as above. The attributes models also underwent passes 4 to 6
which employed extended modelling using search radii of 100 m E
by 100 m N by 30 m RL in the first pass and 200 m E by 200 m N
by 60 m RL in the second and third passes.
 No dilution was expressly added to the SGC model however domain
was largely driven by alteration and oxidation which did tend to
incorporate a degree of lower grade material
 No assumptions were made by SGC regarding the recovery of by-
products
 In all the following elements and attributes were modelled, Au, Ag,
As, Al, Cu, Hg, Mg, K, S, and Sb and SG
 The interpretation or domain model was largely driven by the
alteration profile, oxidation state, and structural intervention and
mineralised trends observed over the various project areas. Grade
was used as a secondary driver for the definition of domain
boundaries
 The model was validated in Micromine using section and plan
comparisons back to original informing data as well as with the use
of swath plots to assess local grade variability between the model
and informing data.

Moisture  Tonnages are estimated on a dry basis

Cut-off parameters  Mineralised domains were interpreted on grade ≥ 0.5 g/t Au with
reference to local silver variability and in conjunction with alteration
assemblages. Resources estimated at a range of cut-offs

Mining factors or  This item is beyond the scope of work for SGC as such this item
assumptions details were not addressed by SGC but will remain the responsibility
of the client and client’s representatives.
Metallurgical factors or  No metallurgical factors or assumptions used to restrict or modify the
assumptions resource estimation were employed by SGC proceeding or during the
construction of the model
Environmental factors  No environmental factors or assumptions used to restrict or modify
or assumptions the resource estimation
 SGC was asked by the client to code the existing block model with a set
of criteria which would provide an indication as to the Acid Mine
Drainage potential of each block. The inputs to the definition of these
criteria were supplied by the nominated PT BSI environment experts
and remain the responsibility of the client.
Bulk density  Bulk density was estimated into block models based on a matrix of
 PT BSI – Mineral Resource Estimation

oxidation, lithology and alteration defined from a dataset of bulk

Classification
Audits or reviews
Discussion of relative
accuracy/confidence
density readings.
 In all 5,443 bulk density measurements were taken from core at 10
cm interval over selected core deemed appropriate by the PT BSI
site representatives.
 The resource classification was based on drilling density (and the
availability of data to present to the search neighbourhood),
geological modelling, oxidation and, density and recovery data and
alteration type and intensity
 Classification criteria deemed appropriate by SGC
 The former explorers over Tujuh Bukit PT IMN engaged H&SC to
undertake Mineral Resource Estimation over the oxide and porphyry
zones of mineralisation, these reports were made public on SEDAR
in Canada and details if sought were able to be found on SEDAR as
of June 2012.
 To the best of SGC knowledge, no additional public and formalised
audits or reviews have been undertaken to date concerning the Mineral
Resource Estimates for Tujuh Bukit
 Outlines of resource classifications were reviewed against drill-hole
data density and assays results and each block in the model has a
resource classification which indicates the relative (block to block)
confidence level.
 Mineral resource estimate technique were deemed appropriate by an
internal peer review by SGC as were the estimates themselves
 Total mineral resource estimate based on global estimate
 No production data was available at the time of the estimation.
 The block model was produced to represent global estimates,
however the model honours the local grade distributions
appropriately given the drilling data provided and the domaining
strategy employed.

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 PT BSI – Mineral Resource Estimation

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The ability of any person to achieve forward-looking production and economic targets is dependent on
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but are not limited to, site-specific mining and geological conditions, management and personnel
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performance of any mining operation.